Management buyout at loss-making APB Resources

PETALING JAYA: Three key executives of APB Resources Bhd have undertaken a management buyout of the loss-making firm, with a promise to “restore profitability”.

Through Strategic A Holdings Sdn Bhd, Ong Kok Wah, Lee Lisa and Chan Fook Wah have collectively emerged as substantial shareholders of APB on Aug 28, with an indirect equity interest of 27.89%.

The stake was acquired for nearly RM10mil via a direct business transaction (DBT). The 56-year-old Ong, who has been appointed executive director and chief executive officer (CEO), has served APB for over three decades.

Prior to the appointment, he served as the general manager of Amalgamated Metal Corp (M) Sdn Bhd (AMC), a subsidiary of APB. Lee is the financial controller of APB and Chan is the deputy general manager of AMC.

“With leadership continuity secured and ownership now aligned with the executives who run the business, the group is embarking on its next phase with renewed confidence,” APB said in a statement.

APB is involved in the design and fabrication of process equipment for the petrochemical, oleochemical, oil and gas, and power industries.

It is noteworthy that effective Aug 29, Cha Weay Chia resigned as the chairman due to “personal reasons and other commitments”. This was a day after he sold off all his shares in APB via a DBT.

Ke Tung Chen has also resigned as the group CEO of APB, effective Aug 29, citing the same reason as Cha.